Thyssenkrupp pauses steel production at two sites citing Asian pressure [Yahoo! Finance]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Yahoo! Finance
Specialist sites in Gelsenkirchen in western Germany and Isbergues in northern France that make high-end steel would close from mid-December to the end of the year, Thyssenkrupp's steel subsidiary said. The French site would further run only at half-capacity for at least four months from January, it added. The measures were in response "to a massive increase in low-priced imports, particularly from Asia," Thyssenkrupp Steel Europe said. "These developments have led to a dramatic change in order volumes and thus to a significant underutilisation of capacity at European production facilities." Hammered by exorbitant energy costs and cheaper Asian competition, Germany's steel industry has been mired in deep crisis for several years. Thyssenkrupp Steel Europe said in November last year it would seek to cut or outsource 11,000 jobs by 2030 -- about 40 percent of its workforce –- and cut production capacity to around nine million tons a year, down from 11.5 million. Taking a le
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